According to the lender, the Fast Track process has led to a 26% increase in bridging loan enquires, alongside a 38% rise in conversion rates since it was introduced in July.

The process allows an AVM to be used as an alternative to a RICS property valuation and inspection for purchases up to 70% LTV and refinance up to 60% LTV up to a £750,000 valuation.

Tuscan’s average turnaround time since Fast Track launched is 41 days, with purchases taking an average of 23 days.

AMV and desktop valuations have been utilised in 35% of all completed cases since July, the lender said.

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Colin Sanders, CEO at Tuscan Capital (pictured above), remarked: “When we introduced Fast Track, we knew that many of our bridging loan customers would benefit from both cost and time savings.

“That said, we’re delighted to release these statistics which provide real evidence of the advantages from using Fast Track.

“At a time when bridging cases are taking longer to complete, we’re delighted to be bucking the trend, and we’re equally pleased by its positive effect on completion rates.

“We’re not standing still, however; we recently added another underwriter to our team to improve our service and have further new appointments planned for the new year.

“I don’t think it’s an exaggeration to say that right now, Tuscan Capital has market-leading service and highly competitive pricing, which add up to make a very strong bridging proposition.”